GBPUSD Weekly outlook 19th – 23rd September 2016

Like Euro like Pound. Well, this may not be the case when the US Dollar is in a sideways market and/or the EURGBP is in a trend. Nevertheless, let’a analyse the Cable using the same top-down approach used in the EURUSD weekly outlook analysis.

GBPUSD Monthly

Grand Supercycle (green)

Wave-Y of WXY double-three

Supercycle (blue)

Wave-C of ABC ZigZag

Trend

Bearish

GBPUSD Weekly

Cycle (yellow)

Wave-3 of 12345 Impulse

Primary (green)

Wave-4 of 12345 Impulse

Trend

Bearish, temporary pullback

GBPUSD Daily

Intermediate (blue) preferred

Wave-D of ABCDE triangle

Intermediate (blue) alternate

Primary wave-4 complete with ABC flat (negates D,E waves)

Trend

Sideways – possible beginning of bearish Primary wave-5 impulse

GBPUSD H4

Minor (yellow)

Wave-C of ABC ZigZag

Trend

Bearish impulse wave-C

GBPUSD Hourly

Minor (yellow)

Wave-C of ABC ZigZag

Minute (green)

Between wave-3 and wave-4 of 12345 Impulse

Trend

Bearish impulse wave-3 possible start of sideways wave-4

Conclusion

Similar to EURUSD the Cable too seems to be bearish on multiple degrees across multiple timeframes. So it would be prudent to only seek shorting opportunities and trade setups, until the wave-D of the Intermediate degree triangle is complete.

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